Jack Dorsey: Bitcoin is the “best manifestation” of a native digital currency 🚨 This article is 4 years old...
Jack Dorsey: Bitcoin is the “best manifestation” of a native digital currency
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Updated: Sep. 10, 2020 at 8:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Jack Dorsey is undoubtedly one of the most prominent Bitcoin advocates. The Twitter, Cash App, and Square founder has been outspoken about his interest in the benchmark cryptocurrency, with his Twitter bio concisely reading “#Bitcoin.”
In a recent interview with Reuters, he reaffirmed his support for the digital asset, stating that he believes it is the “best manifestation” of a digital currency that is native to the internet.
His bullishness on Bitcoin adoption also comes as Square Crypto – the division of Square that is focused on digital currency – announces a new initiative to keep crypto free and open by solving the “patent lockup” problem that can slow the growth and adoption of new technologies.
Dorsey: Bitcoin is the best manifestation of an internet currency
During a recent remote video interview with Reuters, Dorsey explained that he believes Bitcoin is well-positioned to take the reigns as the currency that is native to the internet.
“I think the internet warrants a…native currency… Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”
He further went on to add that Bitcoin is underpinned by many of the same features that the internet was built upon, further affirming his belief that BTC will garner widespread adoption as a native internet currency.
Dorsey also emphasized the openness of the Bitcoin community, explaining that anyone with development ideas or an interest in participating can do so without having the company-ties that are required within traditional finance.
Square moves to aid crypto adoption
Dorsey’s Square is also taking more steps to aid the adoption of the crypto ecosystem.
Within a recent thread of tweets, the company revealed the launch of a new initiative aimed at stopping “patent lockups” that stifle innovation within the ecosystem.
“If you’re tired of grant tweets and patent trolls, we’ve got great news. Today Square is announcing the formation of the Cryptocurrency Open Patent Alliance (COPA)… The success of cryptocurrencies, as with any new technology, depends on people being able to build what they want, which is not possible when every new idea gets tied up by patent litigation.”
To stop ideas from getting “tied up” by patent litigation, members of COPA will pledge to not assert patents on foundational crypto technology, unless done defensively.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Jack Patrick Dorsey, born on November 19, 1976, is a testament to the American dream of innovation and entrepreneurship.